Big East and San Diego State officials are working on a joint release announcing a mutual agreement to dissolve San Diego State’s agreement to come to the Big East on July 1, 2013 according to sources familiar with the discussions.

At the same time, San Diego State and Mountain West officials are finalizing an agreement which will keep San Diego State and Boise State in the MWC as full time members.

The announcements, barring any last second snags, should be made in the next few days.

This has more to do with the football side of things than anything else, as SDSU was supposed to join Boise State as “western” members of the Big East conference. But if this means that the Aztecs and the newly-relevant Broncos will remain in the MWC — which is fast becoming one of my favorite leagues in the country — I think that all us hoop heads can agree: this is great news.

UPDATE: This is about as official as it can get without an actual announcement:

San Diego State expected to be reinstated to MWC today, remain all sports member & not join Big East sources tell @espn.